Bitcoin Taps $66k as Stock Divergence Hints at a BTC Price Rally
Bitcoin recovered toward $66,000, aligning with US stock gains, as its weak correlation with stocks and gold suggests potential future upside.Summary
Bitcoin rallied above $66,000, mirroring rebounds in the US stock market, particularly in tech stocks like the Nasdaq, which eased selling pressure on risk assets. This recovery coincided with the Bitcoin Coinbase Premium Index flipping positive for the first time since January 15, indicating renewed buying interest from US buyers, and Bitcoin ETFs saw $258 million in net inflows. Analysts note that Bitcoin's correlation with the S&P 500 is at its weakest since late 2022, with gold surging while BTC has fallen over the past six months. However, on-chain data provider Santiment suggests that such dramatic historical divergences typically signal significant upside for Bitcoin upon reversion to its normal correlation pattern with equities. Darius Sit of QCP Capital added that the divergence reflects short-term positioning unwinds rather than a failure of Bitcoin's long-term narrative as an inflation hedge and collateral.
(Source：Cointelegraph)